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Blockchain

Batavia From IBM Successful Live Transaction

Banks Switching Over To Blockchain

Batavia, from IBM, is a trade finance platform developed on Linux Foundation-backed blockchain framework Hyperledger Fabric, has been successfully tested for two transactions on Monday, April 30th, 2018. The live transactions involved two imports in Spain

  • Textile from Austria
  • Automobiles from German carmaker Audi

In this Blockchain platform, both parties will be supervising every step of the trade transaction including transportation and shipping. Banks involved in the development of Batavia are Bank of Montreal (BMO), UBS, CaixaBank, Commerzbank, and Erste Group.

We have been working for a long time on this innovative approach of a decentralized database. With the successful financial transaction based on blockchain through the Batavia platform, we gained important experience and strengthened our knowledge in this field Alexander Dietlmeier, Audi’s Head of Treasury

Batavia has proven to be an efficient blockchain technology and developers want to test it with multiple users and for bigger transactions and are welcoming companies like Audi to join the next pilot phase.

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Muhmmad Furqan

Furqan is a financial markets expert. A regular trader of cryptocurrencies and hold some investments in Bitcoin, Stellar, IOTA and OST. Contributes with latest industry insights. Contact the editor at editor.opinions@blockpublisher.com

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